Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1887-06-17
WHEAT CORNER BROKEN.
THE WIDEST EXCITEMENT IN THE
CHICAGO EXCHANGE, YESTERDAY.
July Wheat Drops Over 10 Cents from
Mondays Quotations June Wheat
Jumps from 92 to 72-Three Fail
ures in Milwaukee.

DAY on the Chicago board of trade was
followed by whirlwind this morning.
The traders just nicely caught their
breath and steaded their nerves after the
break of Saturday, when a second cyclone
came Then also was the wheat pit scare
of Saturday enlarged and intensified. For
the first Offering of July wheat in the
morning there were no takers. The fears
that took hold upon the bulls last week
made them quake. The uproar grew intense
in wild effort to sell wheat July
dropped from S3$4 cents to SO cents while
men were thinking what to do. Every
one wanted to unload, but no one wanted
wheat. In less time than it takes to tell
the story July wheat was offered at S03I
cents or three cents less than the closing
price yesterday. 1t was short storm
but terrible in its effects on the crowd
The traders crawled out of the pit drip
ping with perspiration and weak from
excitement.
There was talk Of failures but none
were announced. Then for an hour there
was slight rally and July sold up to SIX
cents. This was but lul in the storm.
AT II a. m July was again selling down
and in 10 minutes it was offered at ~
cents 3$4 cents below the opening an hour
before.
Then came the third tumble at the noon
hour and July wheat sold down to 76X
cents or ~ cents below the opening price
The entire board was little less than
pandemonium. Rumors reached here
that there was run on the bank in Gin
cinnati where the headquarters of the
longs" are supposed to be situated. Mar
gins were freely called and heavy depos-
its were demanded. The Chicago banks,
it was said had refused to advance any
more money on wheat.
At 1870 came the startling announce
ment that all persons having trades with
Rosenfeld & Co., one of the clique houses,
should close them at once The uproar
had not subsidized when July wheat took
the fourth and worst turn of the day and
dropped for moment to "A cents and
closed the morning session at AK.
Throngs of people rushed in from the
streets and the gallery was filled with an
excited throng of men and women. 1t was
morning session to be remem bered as long
as wnoat grows. The intermission gave
the members chance to catch their
breath. At 2 o'clock it was officially au-
nounced +. w. Bailey & Co., and Ham
mill q Brine had requested all parties
having trades with them to close them out
at once. The instant this announcement
was made July wheat dropped to 13I5, but
but soon recovered to "A Five minutes
later Secretary Stone read a telegram
from the leading clique house G. j. Ker-
shaw & Co., that they had the assurance
thai margins and ample funds will be forth
coming by tomorrow morning and re-
| quested that no trades be closed out. This
announcement was received with cheers
and in few minutes July wheat sold at
| 151s. The lowest figures touched by July
wheat during the day was 1O14 cents un-
der yesterdays close.
Although the chief excitement of the
day was in July, yet June wheat sold with
the widest fluctuations from % down to
30, up to 81 and then by jumps down TO 73
when slight reaction occurred. The low
est figure touched by June was about 20
cents under yesterdays closing price. June
closed at 74$!, deferred futures declined
less sharply but during the morning
dropped about 219 for August and Sep
| tember.
An evening paper says that 100000
bushels of grain collected here and held
by mysterious combination will be sold
out under the hammer. The losses of
Rosenfeld & Co. on the decline is esti-
mated at $500, 900.
CHICAGO, June 15.-The panic was
averted at the opening of the board of
trade this morning by c. j. Kershaw's
announcement that he had money enough
| in the bank to pay the firms clearing
| house differences and the margin below
the market. Several small failures were
announced, but attracted little notice.
| Wheat advanced at once to So cents
for July. Immediately after II o'clock
came the announcement of an
other 1i,s;, batch of suspensions, J, 2.
ering q Co. Crosby's failure produced
sensation. He has been rich man in the
market for 10 years and the trade sup
posed he was impregnable. Then at ll:30
came the announcement of the suspension
son & Co. C.. j. kershaw & Co. s ac-
count at the American exchange bank
amounting to SSO0,O had been garpished
az 10 a. IN. by Rosenfeld & Co. The latter
learning that Wiltshire of Cincinnati was
in the city and had taken care of Ker..
shaw & Co., while he had allowed
them to go to the wall attached kershaw's
Il Co. s account and their checks were not
be honored The tying up of the $500, 600
virtually tied up the market and the last
hour was uneventful as to the amount of
business done. The l O'Clock range of
prices showed a material recovery from
the bottom quotations and no change of
consequence occurred during the after
noon session. On the afternoon board there
was even a better feeling and kershaw *
Co. sent the following communication
1--WE are all tied up but solvent and can
pay out in full If the market goes no low
er. We expect to extricate ourselves and
pay in full 10 morrow morning"
Frank Johnson, of the failed firm of
Maurice. Rosenfeld & Co., said to-day,
that if the clique stood by kershaw It
would have to stand by his firm. They
were sparing no effort to get at Wiltshire
and bring him to time.
Seventeen firms were posted for failure
to-day to settle their margins 10000, 900
bushels of wheat is involved. The losses
for the two days are $, 100000.
Excitement in Milwaukee.
MILWAUKEE, June 1.-THE sudden
drop in wheat at all the grain centres
caused intense excitement on the ex-
change. Three failures are announced,
viz, Frank Wilson, Joseph Wilde and
Hill, Fleltsheim & Co.. the latter being
the Milwaukee branch OF c. j. Kershaw
~ Co. of Chicago.
The National Granite company of Barre
! has been awarded the contract to furnish
the soldiers monument for Ballston, n.